Andy_Garcia_CMT_CFTe

GOLD LT Support & Resistance

COMEX:GC1!   GOLD FUTURES
377 0 5
THE BIG PICTURE: Lengthy consolidations are a part of how markets develop. The log chart is used on a monthly time frame. Measuring the move from point A to B and projecting it from the low at point C provides some interesting levels where Gold             has responded. There are two important levels which have impacted price as of recently. It appears as if the all time high was established at the 2.618 extension of the AB up leg. Even more important is that we currently find this chart trading right around the old 1.618 level of the mentioned extension. Remember the concept of support and resistance in technical analysis 101 where resistance becomes support. One other observation which is a little tougher to swallow is the duration of time that Gold             consolidated between points B and C. The retracement took something like twenty years!
THE TECHNICAL STANDPOINT: Most of the current downward momentum in Gold             appears to have run smack into a floor. After enough time to lull out weak holders then this market will be ready to move. For a shorter timeframe, it's not hard to picture a scenario where price trades between the 1.618 and 2.618 fib levels. From a more intermarket perspective, the DXY             suggests that this market will hold the 1.618 level and move higher. The chart on the other hand suggests a lot more backing and filling. A neutral bias submitted due to conflicting signals.
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